The global online music streaming market had a 2021 valuation of 16.11 billion dollars, and it is anticipated to reach a 2027 valuation of 29.66 billion dollars, with a Compound Annual Growth Rate of 10.71%. This is the case, according to a new report by Research and Markets.
To broadcast music online with hands-free control and quick playing capabilities, several companies are now producing smart devices. Examples include Google Cast and Amazon’s Alexa. Globally, there is an increasing demand for online music streaming services as a result of accelerating urbanization, increased disposable incomes, and the introduction of smart homes.
The growing reliance on smartphones, the rising internet penetration rate, and the developing media and entertainment industry are some of the key factors propelling the global expansion of the online music streaming market.
Additionally, the business is expanding because of the abundance of songs available on demand and the simplicity of accessing music across numerous platforms. Additionally, users can create and share group playlists with their friends’ thanks to the combination of social media websites and online music streaming services. Young artists can post, market, and reach a wider audience using the platform they offer.
In addition, digital service providers (DSPs) are releasing apps with a simple user interface and a substantial podcast and music library. These suppliers are additionally offering enticing premium plans, such as family packs or free memberships for a brief while, which is anticipated to boost market expansion in the ensuing years.
